{"id":14359,"date":"2022-05-24T09:08:46","date_gmt":"2022-05-24T01:08:46","guid":{"rendered":"https:\/\/battery9999.com\/en\/?p=14359"},"modified":"2022-05-24T09:08:46","modified_gmt":"2022-05-24T01:08:46","slug":"rivian-founder-rj-scaringe-snaps-up-1m-worth-of-ev-makers-stock","status":"publish","type":"post","link":"https:\/\/battery9999.com\/en\/rivian-founder-rj-scaringe-snaps-up-1m-worth-of-ev-makers-stock\/","title":{"rendered":"Rivian founder RJ Scaringe snaps up $1M worth of EV maker&#8217;s stock"},"content":{"rendered":"<div class=\"caas-attr-item-author\"><span class=\"caas-author-byline-collapse\" data-id=\"m-0\">Kirsten Korosec\u00a0 \u00a0<\/span><time class=\"\" datetime=\"2022-05-16T22:25:54.000Z\">May 17, 2022<\/time><\/div>\n<div class=\"caas-attr-item-author\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-14360\" src=\"https:\/\/battery9999.com\/wp-content\/uploads\/2022\/05\/2022-05-24_090721-300x164.jpg\" alt=\"\" width=\"300\" height=\"164\" \/><\/div>\n<p><!--more--><\/p>\n<div>\n<div class=\"caas-attr\">\n<div class=\"caas-attr-meta\">\n<div class=\"caas-attr-item-author\"><span class=\"caas-author-byline-collapse\" data-id=\"m-0\">Kirsten Korosec<\/span><\/div>\n<div class=\"caas-attr-time-style\"><time class=\"\" datetime=\"2022-05-16T22:25:54.000Z\">May 17, 2022<\/time><span class=\"caas-attr-meta-separator\">\u00b7<\/span>2 min read<\/div>\n<\/div>\n<\/div>\n<div class=\"caas-content-contain-share\"><\/div>\n<\/div>\n<div>\n<figure class=\"caas-figure caas-cover\">\n<div class=\"caas-figure-with-pb\">\n<div>\n<div class=\"caas-img-container\"><img decoding=\"async\" class=\"caas-img\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/0o.F4pHbLbpoZWuZgpF8ww--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0MDtjZj13ZWJw\/https:\/\/s.yimg.com\/uu\/api\/res\/1.2\/tUxvY0h6tqJEQyFd_gLFPQ--~B\/aD0yMTYwO3c9Mzg0MDthcHBpZD15dGFjaHlvbg--\/https:\/\/media.zenfs.com\/en\/techcrunch_350\/95a94139fa1738f6f8cad2b33d1c0bd6\" alt=\"\" data-src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/0o.F4pHbLbpoZWuZgpF8ww--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0MDtjZj13ZWJw\/https:\/\/s.yimg.com\/uu\/api\/res\/1.2\/tUxvY0h6tqJEQyFd_gLFPQ--~B\/aD0yMTYwO3c9Mzg0MDthcHBpZD15dGFjaHlvbg--\/https:\/\/media.zenfs.com\/en\/techcrunch_350\/95a94139fa1738f6f8cad2b33d1c0bd6\" \/><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<div class=\"caas-body\">\n<p>Rivian founder and CEO RJ Scaringe bought 41,000 shares of company stock worth about $1 million, a\u00a0<a class=\"link \" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/0001874178\/000120919122029121\/xslF345X03\/doc4.xml\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" data-ylk=\"slk:securities filing\" data-rapid_p=\"7\" data-v9y=\"1\">securities filing<\/a>\u00a0posted Monday afternoon shows.<\/p>\n<p>The latest proxy filing, which\u00a0<a class=\"link \" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/0001874178\/000187417822000021\/rivian-2022proxystatement.htm\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" data-ylk=\"slk:pre-dated this purchase\" data-rapid_p=\"8\" data-v9y=\"1\">pre-dated this purchase<\/a>, shows Scaringe owns 11.99 million shares of class A stock, or about 1.3%, and 7.82 million class B common stock. He also holds 4.3 million indirect shares via a trust and 4,595 indirect shares through an LLC.<\/p>\n<p>The purchase comes as Rivian shares fell Monday following news of a legal dispute with a seat supplier that puts its Amazon electric van program at risk and Ford&#8217;s disclosure that it has sold another 7 million of its holdings in the company.<\/p>\n<p>A Rivian spokesperson declined to comment on why Scaringe was buying the stock now.<\/p>\n<div class=\"caas-da\"><\/div>\n<p>Rivian\u00a0<a class=\"link \" href=\"https:\/\/techcrunch.com\/2021\/11\/10\/electric-automaker-rivian-largest-ipo-2021\/\" data-ylk=\"slk:debuted as a publicly traded company\" data-rapid_p=\"9\" data-v9y=\"1\">debuted as a publicly traded company<\/a>\u00a0in November with an opening share price of $106.75, a price that made it one of the largest IPOs in U.S. history and put its market cap above GM and Ford. (At the time, GM\u2019s market cap was $86.31 billion; Ford\u2019s was $78.2 billion.)<\/p>\n<p>The company&#8217;s share price reached as high as $179.47 a week later. But a combination of general volatility in the market and material disclosures by Rivian have caused its share price to fall more than 75% since its public market opener.<\/p>\n<p>Ford, which held a 12% stake, or about 102 million shares, of Rivian, sold 8 million shares of the company earlier this month. That initial sale, prompted\u00a0<a class=\"link \" href=\"https:\/\/techcrunch.com\/2022\/05\/09\/rivian-shares-down-more-than-17-following-report-of-ford-sell-off\/\" data-ylk=\"slk:Rivian shares to fall\" data-rapid_p=\"10\" data-v9y=\"1\">Rivian shares to fall<\/a>\u00a0more than 17%. On May 13, Ford sold\u00a0<a class=\"link \" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/0001874178\/000120919122029015\/xslF345X03\/doc4.xml\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" data-ylk=\"slk:another 7 million shares\" data-rapid_p=\"11\" data-v9y=\"1\">another 7 million shares<\/a>, pushing its total stake below 10%.<\/p>\n<p>That &#8220;below 10%&#8221; threshold means that Ford no longer has to file a Form D with the U.S. Securities and Exchange Commission. According to the SEC&#8217;s rules, &#8220;insiders&#8221; that\u00a0<a class=\"link \" href=\"https:\/\/www.investor.gov\/introduction-investing\/investing-basics\/glossary\/forms-3-4-and-5\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" data-ylk=\"slk:own 10% or more shares\" data-rapid_p=\"12\" data-v9y=\"1\">own 10% or more shares<\/a>\u00a0have to report most of their transactions involving the company&#8217;s equity securities to the SEC within two business days on Forms 3, 4 or 5.<\/p>\n<p>As a beneficial owner, Ford will still have to file a Schedule 13D report, which is required within 10 days of transaction, until its stake falls below 5%.<\/p>\n<p><em>The article has been updated to clarify that Scaringe&#8217;s shares purchase came as shares fell Monday; the share price was not at a new low.<\/em><\/p>\n<p>Source:<a href=\"https:\/\/finance.yahoo.com\/news\/rivian-founder-rj-scaringe-snaps-222554516.html\">Rivian founder RJ Scaringe snaps up $1M worth of EV maker&#8217;s stock (yahoo.com)<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Kirsten Korosec\u00a0 \u00a0May 17, 2022<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[113],"tags":[],"class_list":["post-14359","post","type-post","status-publish","format-standard","hentry","category-industrial-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - 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